I am really having a hard time understanding what is going on in the minds of CCI execs its regards to the sale. From what I am reading, it now seems possible that Everest may sell before Heald. I would have thought Heald would have been one of the first to sell. From what I understand Heald was set to sell a while ago, but something apparently happened with the buyer. I don't have any specific information so I can only speculate that either the buyer wanted more than CCI was willing to give or CCI ultimately wanted more money for Heald than the buyer was willing to pay, but either way the buyer left the table. Again, I have no sources or specific information here, just my personal thoughts and feelings. What amazes me is that either way, CCI has no hammer to thrown down given the situation they got themselves into. If this was just a normal sale and all this regulatory bullshit wasn't in the equation, I could understand CCI being picky, however, given the circumstances,CCI is, in my opinion, in no position to be choosey. I get that it all comes down to money and just have a hard time understanding what game CCI is trying play. I almost think that they are intentionally trying to sell us last so they can hold on to us for as long as they can to bring them in as much money as possible before dismantling. I know that Heald is not perfect, what school is, but I mean seriously, what in the f$&@ are they thinking! They just need to cut the shit!
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I hope 810 is right. I'm not feeling too confident about this. I know it takes time to do the due diligence, but if they back out now… it doesn't give us much time to find a new buyer and start the who due diligence process over again. Basically, this is it.
810 - that would be cool if you're right, so forgive my skepticism. I'd like to think that the original buyers, who from what I read owned us previously as well, didn't walk away. I would love to know how you came across this information! There are so many angry people who post false information just to stir shit up and see people's reactions.
Contrary to popular rumor, the sale of Heald did not fall through, the buyer did not pull out, the offer wasn't too low, etc. The buyer is going slowly and doing homework to make sure the legal cesspool with CCi will not follow Heald. Very smart of the buyer.
Golly gee. Let's believe every rumor posted in the past year.
I think there is more involved with just sale price. WASC, DOE and the Monitor are involved and the acquisition has to be a smart one. I hear that any of the other buyers are not strong buyers (they would need lending to purchase Heald) and others only wanted to purchase specific campuses.
Unfortunately, Heald is very pricey to sell during this "climate". Not that Heald is worth every penny, it definitely is valuable. But because we are well passed the peak of recession and now are on the radar due to CCI… buyers are more weary to open up their pockets.
It sounds like they got a really low offer. My assumption would be that the offer was so low there's a reasonable chance it will be beaten before the end of the year. Makes sense to me.
The purchase did fall through, hopefully the secondary buyer might still purchase us. Keeping fingers crossed.